Is Your Money Safe With The Suppliers?

150 150 David

OFGEM does not think so.
In case you have a credit balance (usually from a monthly budget plan) on your energy account and the supplier goes bankrupt, you may loose your money!
Therefore Ofgem has put in place a new safety net to protect consumers in the unlikely event their supplier goes out of business.
The credit balance will be transferred to the supplier of last resort who may recoup it’s cost through an industry levy.

However OFGEM has now confirmed to Alpine Utilities Ltd that this scheme only covers domestic customers.
While budget plans are less common in the commercial energy market, customers may still have a credit balance from an overestimated meter reading or security deposit paid.
There is currently no scheme in place to protect business energy customers from any losses should the supplier go bankrupt.
Customers should take this into consideration when procuring a utility contract.